If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • HDFC Car Loan Eligibility Calculator is Rated as "Excellent!" by 7251 Users

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    HDFC Car Loan Eligibility Calculator

    An Overview about HDFC Car Loan

    HDFC has attractive car loan offers for new and used cars. It has appealing interest rates, easy repayment tenures and large loan amounts. Customers can avail of three different car loans to suit their needs. You can avail of a loan for:

    • New Car
    • Pre-Owned Car
    • Loan Against Car

    HDFC offers car loans that finance 100% of your cost to purchase the car. Repay the loan over 7 years. You can check if you are eligible for a car loan in a minute and be approved of one in half an hour. Enjoy fixed interest rates and stability of your EMI every month. HDFC aims at making the process fast and hassle-free for their customers. With low down payments, competitive pricing, transparency and deals offered to customers, this car loan stands out as one of the best offers. HDFC ensures that there are no hidden charges in the loan process which makes customers happy with the clarity of the loan amount and applicable fees.

    HDFC also has tie ups with a number of authorised pre-owned car dealers to provide loans to customers seeking used cars. Get fast approvals and doorstep service with this loan. The car should not be older than 7 years for private use, and 6 years for commercial use.
    And even if you don’t have income documents to present, the bank has a car loan that makes it even more easier for you. The HDFC Loan Against Car Loan gives you an interest rate lower than 2% on a personal loan. You can get a maximum loan amount based on the value of the car.

    HDFC Car Loan Eligibility

    The HDFC car loan is offered to salaried individuals as well as self-employed businessmen. Your eligibility for a car loan is based on a number of factors such as your age, income and whether the bank can be sure you are capable of repaying the loan. You are also required to submit documentation that can support your identity, age, address and income claims.

    Apply for Car Loan Online

    New cars

    Employment

    Minimum age

    Maximum age at the end of loan tenure

    Work experience

    Minimum annual income

    Minimum turnover

    Landline facility required

    Salaried

    21 years

    60 years

    2 years, having worked with the same employer for at least a year

    Rs. 1,80,000

     

    Yes

    Sole Proprietorship

    21 years

    65 years

    2 years in business

    Rs. 60,000 for standard cars.

     

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

    Partnership Firms

         

    Rs. 60,000 for standard cars.

     

    Rs. 4,50,000

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

    Private Limited Companies

         

    Rs. 60,000 for standard cars.

     

    Rs. 4,50,000

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

    Public Limited Companies

         

    Rs. 60,000 for standard cars.

     

    Rs. 4,50,000

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

     

    Pre-owned cars

    Employment

    Minimum age

    Maximum age at the end of loan tenure

    Work experience

    Minimum annual income

    Minimum turnover

    Landline facility required

    Salaried

    21 years

    60 years

    2 years, having worked with the same employer for at least a year

    Rs. 1,00,000

     

    Yes

    Sole Proprietorship

    25 years

    65 years

    3 years in business

    Rs. 60,000

     

     

    Yes

    Partnership Firms

         

    Rs. 60,000

     

    Rs. 4,50,000

    Yes

    Private Limited Companies

         

    Rs. 60,000

     

     

    Yes

    Public Limited Companies

         

    Rs. 60,000

     

     

    Yes

    Hindu Undivided Family- HUF

         

    Rs. 60,000

     

    Yes

     

    Loan against car

    Employment

    Minimum age

    Maximum age at the end of loan tenure

    Work experience

    Minimum annual income

    Minimum turnover

    Landline facility required

    Salaried

    21 years

    65 years

    2 years, having worked with the same employer for at least a year

    Rs. 1,00,000

     

    Yes

    Sole Proprietorship

    21 years

    65 years

    3 years in business

    Rs. 60,000

     

     

    Yes

    Partnership Firms

         

    Rs. 60,000

     

    Rs. 4,50,000

    Yes

    Private Limited Companies

         

    Rs. 60,000

     

     

    Yes

    Hindu Undivided Family- HUF

         

    Rs. 60,000

     

    Yes

     

     

    HDFC Car Loan Documentation required

    In order to complete the eligibility process, you need to submit documentation to prove your identity, age, address and income. The following are the documents you will need.

    • ID proof -
      • For salaried individuals and businessmen: Any official document that can be used to identify yourself such as a copy of your passport, voters ID, PAN card, driver’s licence, ration card.
      • For Partnerships: Partnership deed
      • Private Limited Companies: Memorandum and Articles of Association / Certificate of incorporation
    • Age proof - Any official document that can be used to verify your age will suffice such as a copy of your passport, voters ID, PAN card, driver’s licence, ration card, employer certificate or ID, School or College leaving certificate.
    • Address proof - You are required to prove your place of residence through a ration card, driver’s licence, Passport, telephone bill, electricity bill, credit card statement with a copy of your credit card, or an employer’s certificate.
    • Signature proof - The bank also needs to verify your signature as it appears on your passport, driver’s license, credit card statement, banker’s verification, copy of margin money paid to the bank.
    • Income proof
      • For salaried employees, you need to present your latest salary slip with the latest Form 16/ Latest Income tax returns. You can submit the HDFC bank corporate salary account statement for the last 3 months for salaries above Rs. 8,000.
      • For businessmen, you need the latest/previous year’s Income tax returns with the advance tax paid challan or the latest IT assessment order.
      • For Partnership,Private and Public Limited Companies, you need the latest ITR and balance sheet along with Profit and Loss account.
    • In case you are transferring your loan, you need to submit the foreclosure statement from the previous bank.
    • The repayment schedule for 9 months for personal vehicle, and for 12 months for commercial vehicles.

    Factors Affecting HDFC Car Loan Eligibility

    Your HDFC Car Loan Eligibility can be affected by a number of factors. A few have been listed below.

    CIBIL score - CIBIL score is your credit score assigned by the Credit Information Bureau Limited. A high credit score could make your loan process easy and smooth. A low credit score could prove difficult to secure a loan.

    Age - You can get a loan only when you reach the age of 21 years. The maximum age poses a greater obstacle. You must finish the repayment period by the age of 65 years. This is where age can affect your eligibility.
    Income - The loan amount you are seeking to purchase your car may not always be the same as what you are eligible for. Your loan amount depends greatly on how much income you can show. If you end up being short on the eligible income scale, you can add on your immediate family member’s income to compensate the difference.

    Debt - Any debt you already have might affect your eligibility. Your debt-to-income ratio is a very important factor while taking out a major loan. If you already have another loan, or credit card debt, this could significantly reduce your eligible loan amount or total eligibility.

    How CIBIL Score affects HDFC Car Loan Eligibility

    Your CIBIL score is determined by the Credit Information Bureau (India) Limited which has come to play a very crucial role in India’s Financial System. CIBIL collects and stores all information related to your credit history like credit cards, loans, payments, defaults, spending patterns, and so on. A number of things could negatively affect your score like defaulting on your EMIs or minimum due payments. A lower score reduces the amount of loan you are eligible for. In extremely bad situations, you might not be eligible for a loan at all. You will need to build your score back through a long process. So it is important when you take credit from banks and financial institutions to pay your dues on time and play by the rules to ensure a good credit score for when you need it again.

    How to Increase your HDFC Car Loan Eligibility

    If you find yourself not eligible for the loan amount you are looking for, there are ways to change that.

    Pay off other debts - You will need to repay other loans and credit cards in order to increase the amount of loan you might get. Never take a personal loan right when you plan to take a big car loan or home loan in the near future. This could affect your debt-to-income ratio, and this will significantly reduce your loan amount.

    Co-applicants - You can include the income of your spouse, father, mother, son, daughter, brother and sister to increase your eligibility. They will be brought on as co-applicants of the loan even if the car is not in their name.

    Increase your credit score - Find ways to bring your credit score up. You could spend more on your credit card and pay it back ahead of time. CIBIL scores are tricky because even closing a credit card can put a ding in your score simply because your available credit limit is significantly reduced. So do your research and find ways to improve your score.

    HDFC Bank Car Loan Eligibility Calculators

    HDFC Bank offers a quick and easy eligibility calculator on its website. Simply enter your details to find out if you are eligible for a loan. You can also view the exact total cost and EMI of your car loan. You can then decide whether the loan is suitable for you and apply online. Get special discounted rates of interest when you apply for a loan online.

    You can also check your eligibility on BankBazaar.com. Enter your details and view the results of the loans you are eligible for. You can read further about the HDFC Car Loan offered and apply online directly through BankBazaar.com.

    Car Loan Reviews

    • HDFC Bank Car Loan
      "Good bank"
      0.5 5.0/5 "Blown Away!"
      I bought a new bike by taking a two wheeler loan from Bajaj Finserve and that is why i could not to take the car loan from HDFC bank. The executives are very friendly and i told them the current scenario. In future i will definitely consider HDFC for the same car loan.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 20, 2017
    • HDFC Bank Car Loan
      "Approachable service"
      0.5 4.0/5 "Great!"
      The rate of interest with the bank is 9.1 %. As the rate of interest was high i thought not to take the loan for now from HDFC Bank. The service executive gave me good response at the time of the application. The follow up was also good and comfortable.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Rate of intrest was high"
      0.5 2.0/5 "Expected more"
      The rate of interest with the bank is very high. The approved rate of interest was 9.75% which was not acceptable. The pre-closure and part payment was charging too high with HDFC.The customer service and response provided by HDFC Bank was very much satisfactory.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan from HDFC bank, my loan application was closed because the loan amount which they were providing was not sufficient. They were providing loan for Rs 3 lakhs where as i require loan for 6 lakhs. Customer service part was good, they responded on time and regular follow ups was done. The rate of interest was nominal when compared to other banks.
      Was this review helpful? 0
      , delhi
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "High on ROI and charges"
      0.5 4.0/5 "Great!"
      The process was on time at HDFC Bank for the car loan. After I applied for the same they contacted me and informed me the details. The response was also good as they came over and collected the documents and disbursed the loan on time. The interest rate and charges was high. It was around 9%.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Good customer service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan from HDFC bank, my loan application was closed because the rate of interest and processing fees were high, they also charged for individual insurance so i opted other bank to take the car loan. Customer service was good and they responded on time, they followed up correctly.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Satisfactory & fast process"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC Bank and the banking services are good. The process was completed on time and I got the interest rate of around 8.5% and there was a nominal processing fee. The after loan services are convenient too and there are no hassles.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Appochable for car loan "
      0.5 4.5/5 "Excellent!"
      Due to my personal reasons i was unable to go with HDFC bank. Infact HDFC bank is a good bank indeed. In future depending upon the rate of interest, I might apply for the loan with the same bank. They gave good response and good follow ups too . So this bank is very much recommendable to others.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      I am glad that HDFC Bank helped me in the process to get the car loan for the HYUNDAI I10 vehicle. I was comfortable with the rate of interest and processing charges. The process was also fast and I got the loan on time. The document collection was also quick.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      It was a good customer service from the HDFC Bank side . The bank contacted me on time and delivered all the required information for the loan process . I already took the loan form the SBI as it was a faster process . So i did not opt for the from the loan process . It was a good experience i had with HDFC Bank .
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Satisfactory & fast process"
      0.5 5.0/5 "Blown Away!"
      Maruti Suzuki Swift lxi is what I have got through the car loan with HDFC Bank. I got the loan within two days. I have got 95% of the vehicle value. The rate of interest was of 9.5% and the processing charges were waived off. The process for the loan is overall good.
      Was this review helpful? 0
      , moradabad
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience i received form the HDFC Bank for the car loan process . The customer service was good from the bank side . I submitted all the required documents for the loan process . The bank was not giving me a full approval so i did not take the loan i canceled it from my end .
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      My car loan process got approved and disbursed within 2 days of time. The customer support was prompt with HDFC bank, I never faced any hassle with HDFC bank car loan service. The required loan amount was been disbursed and I as satisfied with it. The rate of interest and thew charges are nominal with HDFC bank.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 17, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      The car loan service is excellent with HDFC bank, they have disbursed the car loan within a day time. The required loan amount has been given and I am satisfied with it. The rate of interest is as per the market. The processing fee and the charges were decent,but for the collection of documents they have charged Rs,1200 .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 17, 2017
    • HDFC Bank Car Loan
      "Its Average"
      0.5 4.0/5 "Great!"
      I purchased Maruthi car has the on road price of around Rs.7.5 lakhs, I taken the car loan of Rs.7 lakhs, HDFC sanctioned 99% of loan without any hassle. Even they gave me some interest rate it was okay for me. Still my loan is running its one year to go.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 17, 2017
    • HDFC Bank Car Loan
      "Better"
      0.5 4.5/5 "Excellent!"
      I am having the car loan with the HDFC bank and the interest rate was around 8.5%, also the customer service is best one. The loan amount got disbursed within two days of time, also am really happy with the HDFC bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 17, 2017
    • HDFC Bank Car Loan
      "Need to improve customer service"
      0.5 2.0/5 "Expected more"
      I have requested for a car with Hdfc bank.They had offered 5 lakhs.The rate of interest is9.25% very high compared to other after applying i did not get nay calls from the bank hence closed the application and got the loan from ICICI bank.They need to improve the service of the bank.
      Was this review helpful? 0
      , nagpur
      Reviewed on Nov 16, 2017
    • HDFC Bank Car Loan
      "Best banking"
      0.5 5.0/5 "Blown Away!"
      I have requested for a car loan from a Hdfc bank.They immediately called me to share the details.the rate of interest is very high compared to other banks hence closed the application and got funds from a different bank.The website has got all information.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 16, 2017
    • HDFC Bank Car Loan
      "Best service"
      0.5 4.0/5 "Great!"
      The HDFC bank was prompt in their response and they have approved the loan within the time period but the insurance amount has been deducted without my knowledge., The rate of interest and the charges are nominal with HDFC bank when compared with others. I am satisfied with the loan amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 16, 2017
    • HDFC Bank Car Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC Bank for a term of 2 years and i found that the rate of interest was nominal. I had no issues with the service that i had received and the process was a smooth one while getting the loan as well as during the term that i had the loan with them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2017
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